FTNTFortinet, Inc.
Options Analysis Report•COMPUTER PERIPHERAL EQUIPMENT, NEC
Market Cap $60.6B|NASDAQ
● 2026-04-17$81.84
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -11.7%YTD +5.1%7D +6.7%
Options Vol
13,832
30D
Implied Move
±14.8%
IV Rank
29%
FTNT Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 82.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.23x — IV premium over HV
Sector Relative≤50%
Sector percentile 53% — above sector median
Term Structure
<1.1xFront/Back 0.90x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 49.2% — normal range
Spread-Adjusted Value
<80%Effective IV 72.8% (ATM 49.2% + spread 11.8% + bias) — fair
Execution Efficiency
<3.0%Total drag 17.95% (spread 11.80% + slippage 6.15%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.91 (vega 4.611 / spread 11.80%) — spread drag
Sentiment
Bullish or bearish?
6.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Moderate signal (Conviction: +55%, Raw: +39%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +55% (strong bullish) — Raw: +39%
OI Skew Magnitude
≥15%|OI skew| 14.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +17.4%, OI skew -14.0% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 34%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -7%, ATM: -10%, OTM: +59% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 62% — bearish vs sector
Activity
Unusual activity?
4.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 6.9% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +4.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 51% — neutral vs sector
Trade Quality
≥30%Large trade volume 20% — mixed
Execution Urgency
≥60%Aggressive execution 49% — patient
Flow Conviction
≥30Conviction +55 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 11.8% — wide
Adequate OI
≥10,000OI 201,523 — deep
Active Volume
≥500Volume 13,832/day — active
Reasonable Cost
≤$0.50$0.59 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 54% — neutral vs sector
Order Book Depth
≥100 contractsDepth 155.0 contracts (bid:72.9 ask:82.1) — adequate
Execution Quality
<1.0%Avg slippage 6.15% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -10.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 82% — seller opportunity
Event Detection
≥10pts kinkIV kink -9.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 37.77 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 19d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +55% @ 77% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 50 (ITM 20% + inst 20%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls6.0
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call4.4
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.